Good morning. A thief stole a woman's car, saw that her 4-year-old son was in the car, drove back and dropped him off, yelled at her for leaving him in the car alone, threatened to call the police on her and then drove away in her car.

Whoa, here's a thief with a conscience. "Ma'am! I steal cars, not kids!!"

- - -

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‍#ONTHISDAY

1977 Festac '77, the Second World Black and African Festival of Arts and Culture, finishes in Lagos, Nigeria

1502 Muslims in Granada, Spain forced to convert to Catholicism

1554 Queen of England for nine days, Lady Jane Grey is executed for treason

1998 Intel unveils its 1st graphics chip i740

ECONOMY

FG tussles with IMF over naira valuation

The Story

Nigeria's federal government disagrees with the International Monetary Fund’s recommendations that it further marks down the Naira that’s more than 18% overvalued.

What's the IMF's reason for its recommendation?
The currency's downward review was recommended inorder to ease external imbalances, the Washington-based lender said. President Muhammadu Buhari’s administration, however, sees currency pressures stemming from global outflows caused by the coronavirus pandemic and believes another depreciation would add to double-digit inflation, according to the IMF’s Article IV report for the country that was published Monday.

The disagreement underscores the policy challenges for the administration that has resisted growing calls from some businesses and state governors hurt by an artificially overvalued currency to liberalise the exchange rate. It also conflicts with market expectations for further devaluations after the Central bank cut the value of the naira by nearly a quarter last year when oil prices collapsed during the pandemic.

Comprehensive reform of the foreign exchange process.
Authorities should immediately get rid of the premium paid on the parallel currency market and clear a dollar backlog that has hurt policy credibility, the IMF said. It also called for the unification of the various exchange rates and the removal of restrictions on access to hard currency for some imports. The IMF’s recommendation is gradual but clear and multi-step exchange-rate reforms, “so that everybody knows where Nigeria’s going, which is often more important than what you do in terms of devaluation,” Jesmin Rahman, the lender’s mission chief to Nigeria, said in an interview before the release of the report.

What's the IMF's response to the FG's inflation concern?
Inflation in Nigeria reached a three-year high of 15.8% in December and 'while a 10% currency devaluation could push the rate up by as much as 2.5 percentage points, the impact would be less if the parallel exchange-market rate is already reflected in the prices of imported goods', the IMF said. The Central Bank of Nigeria held its key rate for a second straight meeting in January. According to the IMF, the Central bank’s financing of the budget deficit must be phased to reduce inflation and higher interest rates may also be needed. SOURCE

ECONOMY

26 states see no foreign investment in 2020

The Story

Twenty-six Nigerian states recorded zero foreign investment in the whole of 2020, figures released by the National Bureau of Statistics show.

What's the total FDI in the country for the year?
The report on capital importation into the country, compiled by the Central Bank of Nigeria, captures the total foreign direct investment (FDI), foreign portfolio investment (FPI) and other types of investments into the country in a year the global economy suffered a terrible battering as a result of the coronavirus pandemic. The total value of capital inflow for the year fell to $9.7 billion, from $24 billion in 2019, a decline of 59.7% and the lowest in at least four years. From the report, more foreign capital inflows came through “other investments”, followed by FDI and FPI.

Which of the states received the investment?
Equities supplied the largest chunk of capital inflows, while the United Kingdom was the top source of capital investment in Nigeria in the year. By destination, Lagos was the top destination of capital investment in Nigeria with $8.3 billion, followed by Abuja, which received $1.3 billion. The others on the list are Abia State with relatively lower $56 million, Niger with $16.4 million, and Ogun with $13.4 million.

Is that all?
Anambra State recorded $10.2 million, Kaduna State recorded $4.03 million, Sokoto got $2.5 million and Kano got $2.4 million. Akwa Ibom received $1.05 million ahead of Adamawa, which received just $20,000. All the remaining 26 states received no foreign capital inflows the entire year, the report shows. They are Bauchi, Bayelsa, Benue, Borno, Cross River, Delta, Ebonyi, Edo, Ekiti, Enugu, Gombe, Imo, Jigawa, Katsina, Kebbi, Kogi, Kwara, Nasarawa, Ondo, Osun, Oyo, Plateau, Rivers, Taraba, Yobe, and Zamfara.

Any reason for the zero investment in these 26 states?
Many Nigerian states have remained non-competitive in attracting foreign investments despite their huge populations. Amongst many factors responsible for this is insecurity. This was further compounded in 2020 by the COVID-19 pandemic. Since the pandemic broke out, public health measures have caused severe economic disruptions that have impacted foreign investments around the world. SOURCE

TECHNOLOGY

Nigeria's IROKO to file for IPO on London Stock Exchange

The Story

Nigerian-based media company, Iroko, has announced plans to go public on the London Stock Exchange (LSE) Alternative Investment Market, and it intends to do that by 2022.

How much is the company worth?
Founded by Jason Njoku and Bastian Gotter in 2011, IROKO boasts the largest online catalog of Nollywood film content globally. According to the report, the media company will raise between $20 million and $30 million, valuing the company at $80 million to $100 million. In October 2019, Njoku hinted that the company was going public either on the London Stock Exchange or a local exchange on the continent. However, the CEO kept mute about the whole process the following year due to how tumultuous it was for the company.

Contrasting effects of the pandemic.
In 2020, the company had plans to increase its average revenue per user (ARPU) in Africa for its video-on-demand service, iROKOtv, from $7-8 to $20-25. Through the first four months of the year, it seemed IROKO was set to achieve that. But amid pandemic-induced lockdown fears, consumer discretionary spending reduced in Nigeria and other African markets. What followed was a 70% drop in subscription numbers, and in May, 28% of the company’s staff went on unpaid leave. But unlike the numbers iROKOtv local markets put up, its international subscribers grew 200% during the lockdown, hitting a $25-30 ARPU range.

Have things improved locally?
Not really, and this has led the company to shift growth plans towards its international market. With the company spending $300,000 or more every month on growth, it decided to halt any scaling efforts on the African continent. IROKO instead focused on its international market, primarily the U.S. and the U.K., where it has been able to execute a 150% price increase from $25 per year to $60 per year. Njoku said this decision set the company straight, leaving it in a stronger cash position than it had been for years.

Though IROKO makes 80% of its revenue outside Africa and listing on a foreign exchange will help consolidate its efforts, the company isn't entirely giving up on the African market. Due to its dominance over the past eight years as one of the strongest independent SVOD companies in Africa, it is hard not to see the company in pole position to benefit from any improvements made on the continent. SOURCE

INTERNATIONAL

China Plans Expansion, Tibetan Tradition Be Dammed

The Story
China is planning to build the world’s biggest hydroelectric dam on the sacred Yarlung Tsangpo river in the Tibetan Autonomous Region (TAR).

How is it sacred?
Respect for nature is deeply rooted in the centuries-old Tibetan culture, and this river is particularly significant. The Yarlung Tsangpo is the world’s highest river at nearly 16,404 feet above sea level. It originates in the glaciers of western Tibet and snakes its way through the Himalayan mountain range before plunging 8,858 feet through the Yarlung Tsangpo Grand Canyon, forming a gorge more than twice the depth of America’s Grand Canyon.

And why is it China's choice for the project?
The precipitous fall makes it particularly conducive to collecting hydroelectric power, but with likely political and environmental consequences. Tempa Gyaltsen Zamlha, head of Environment and Development at the Tibetan Policy Institute, says reverence for the natural world was born from the Tibetan Plateau’s unique landscape. “There’s a very strict tradition that no one will go near certain streams or do anything that would disturb it… every Tibetan abides by it.”

What's China's business there if the river belongs to Tibet?
China annexed Tibet in 1950 and since then, Zamlha says, Tibetans have lost all say in what happens on their land. “The Chinese will do anything to benefit their growth and this is very frustrating because Tibetans are not consulted.” The dam is part of China’s bid to achieve carbon neutrality, but the Yarlung Tsangpo is of particular significance, as it represents the body of the goddess Dorje Phagmo, one of the highest incarnations in Tibetan culture.

Experts have warned the record-breaking dam is likely to have political and environmental consequences. Those geopolitical factors were brought into sharp focus last year following a dispute in the western Himalayas between India and China, in which 20 Indian troops and an unknown number of Chinese were killed. SOURCE

WHAT ELSE IS FRESH...

Fuel scarcity looms as marketers disrupt fuel loading

FG has frozen my bank accounts, Sunday Igboho raises the alarm

Nigeria-China @50: President Xi Jinping congratulates Buhari

Soyinka on insecurity: No evidence Buhari understands gravity of the situation

Ganduje: Changing herders from nomads to settlers not a big deal

ACF writes Emefiele: North is financially marginalised

Govt has no mercy for the poor, says TUC

FG adamant as court unfreezes #EndSARS campaigners’ bank accounts

Again, Emirates Airlines suspends flights from Nigeria

Ex-Lagos governor, Lateef Jakande, dies at 91

Fiscal deficit rose to N620.49bn in November – CBN

Lagos Island boils as NURTW rival groups clash in Obalende

EndSARS Aftermath: CBN Must Desist From Jumping Into The Political Arena – Falana

Don’t lie, herdsmen, cattle trespassed on my compound, Soyinka flays police

Nigeria gov’t warns protesters against #OccupyLekkiTollGate rally

30% of Nigeria’s electricity’ll be generated from renewable resources by 2030 – Osinbajo

Kerosene hits N235 per litre in Enugu

Again, herdsmen ambush villagers, kill two in Ogun

Fani-Kayode approached me on planned defection to APC – Bello

IPPIS is a scam, Fed Govt deceived us, says NASU chair

You’re suffering from ‘grab-all syndrome’, health workers tell doctors

We’ll flush out bandits, kidnappers disguising as herdsmen – Obaseki

JAMB to prosecute 200 exams cheats, budgets N100m

Rohr - I won’t invite new players for AFCON qualifiers.

Facebook is working on a copy of Clubhouse

United Arab Emirates becomes first Arab country to reach Mars

Biden imposes sanctions on Myanmar military leaders who directed coup

Twitter suspends at least 500 accounts linked to Indian farmer protests under government pressure

More than 600 Roman coins unearthed in Turkey.

Biden held his first call with Chinese President Xi Jinping

Double masking can offer additional protection from coronavirus, the CDC says

Mastercard to allow some cryptocurrencies in digital asset boom

China bans BBC World News for content ‘violation’

Brazil says Amazon COVID-19 variant three times more contagious

Bayern Munich win Club World Cup for sixth trophy in a year

PICKS OF THE DAY

OBITUARY: Jakande, Awo’s disciple who fought for creation of Lagos while in prison. The Cable

Harvard astronomer argues aliens have already visited Earth. France24

The country that rejected coronavirus vaccines. Yahoo News

Inside Nigeria’s illegal backstreet abortion clinics. Al Jazeera

Why Most Pakistanis Can’t See The Film Pakistan Is Submitting For An Oscar Nod. NPR

Chimamanda Ngozi Adichie on How to Write and How to Read. Literary Hub

How Serena Williams Built A Grand Slam Personal Brand. Forbes

Four Predictions For Artificial Intelligence And Machine Learning In 2021. Forbes

Why Love Hurts. Medical Daily

Meet the Husband-and-Wife Duo Disrupting the Billion-Dollar Floral Industry. Entrepreneur

How the Covid-19 variants are spreading. Quartz

5 ways to reach out to recruiters that feel refreshing. Fast Company

TODAY'S TRIVIA

Finance Quiz

1. The DOW sample of stocks is considered a valid representation of the market because
A. It is designed to include companies for major industries
B. It represents large amount (25%) of the value of all stocks traded
C. Both a and b

2. How many stocks are included in the DOW?
A. 20
B. 30
C. 100

3. Which type of risk does diversification help to manage?
A. Specific
B. Market
C. Both a and b

QUESTION & ANSWER

QUORA QUESTION: 

What psychological knowledge could save a life?

Malky McEwan

It is late, on a street in Copenhagen.

A man approaches another. He punches him to the face, knocking him to the ground.

The victim falls, cracks his head on the pavement and is unconscious.

The attacker doesn’t stop. He kicks the prone man 47 times to his body and stamps on his skull.

They catch the incident on CCTV cameras. There are many passers-by. It might be late, but the street is busy. It might be dark, but there is sufficient street lighting to see. Despite the brutal assault lasting a few minutes, nobody makes any attempt to stop the man.

It has psychologists puzzled; Why did no-one intervene?

This CCTV footage was one of 81 incidents being examined by researchers conducting an observational study into the ‘bystander effect’.

From viewing the footage, they pick out 764 bystanders who saw and heard a fellow human being assaulted… but they stood back and did nothing.

Not one of those people came to any of the victims’ aid.

Why?

‘Diffusion of responsibility’.

The bystander first notices the situation, correctly labels this is an emergency, assumes responsibility for helping, decides how to help and implements the decision to help - at least, that is how most people would react on their own.

But this is different, there are other people present.

Being in a crowd interferes with this process.

When alone, defining a situation is straightforward because we use our own judgment, whereas in a group of strangers, a process known as ‘social comparison’ takes place where everyone looks to other’s reactions to define the situation.

If others lack worry or do nothing, the likelihood of the victim being helped is significantly reduced.

We assume others will take responsibility.

The burden of responsibility is diluted among the number of bystanders present at the scene.

‘Someone else will phone the police.’

‘Someone else will be more qualified to help than me.’

‘No-one else is doing anything, it can’t be that serious.’

The more people there are, the less likely you are to get involved.

But now you know about the bystander effect.

The next time you come across someone collapsed in the street, YOU be the one to phone for an ambulance.

If you see a pick-pocket steal a wallet shout, ‘Stop thief’.

If someone’s life is in danger, tap the nearest person to you and say, ‘We need to help that guy.’ The touch is enough to snap people out of inaction.

Enlist the help of other bystanders. Tell them what to do - it is in our nature to respond to direct requests. Check they understand what you are asking, even if it is a simple request, getting a ‘yes’ reinforces the request and makes people more likely to stick to the plan. Ask others to keep an eye out for trouble/police/ambulance. People need a purpose, even if it is doing nothing.

Your actions might save a life. SOURCE

TRIVIA ANSWER

Finance Quiz Answers

1. The DOW sample of stocks is considered a valid representation of the market because
C. Both a and b

2. How many stocks are included in the DOW?
B. 30

3. Which type of risk does diversification help to manage?
A. Specific

LITERATURE

Short story
The Street Sweeper

Poetry
Loud Whispers-Three poems from Joy Adetunji

Satire
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